Railway in Poland: PKP state-owned railways want to build homes

PKP wants to sell new flats which would be built on its lands jointly with PKO Inwestycje.
PKP railways, the owner of 93,000 parcels of land in Warsaw, Gdansk, Lodz, Wroclaw and Poznan, which are 109 ha big, and over 43,000 buildings, signed a letter of intent yesterday to cooperate with PKO Inwestycje, a subsidiary of PKO BP bank. They want to build modern blocks of flats. The first ones would be built within three years. The projects will be realized via separate, specialized companies.

"Two of them will be launched this year", Pawel Olczyk from PKP said.

The railways will supply land, technical analyses, architectural concepts. PKO Inwestycje specializing in big developer projects will supply the know-how to get financial funds.

Funds raised in these projects will be spent to pay back debts and build new railway stations. PKP has over PLN 9 billion of debts but they fell by PLN 700m last year.
Source: www.railway-market.pl